BoeFly business loan marketplace review
Get personalized help qualifying for a big-dollar bank loan. But beware of steep fees.
- Best for businesses that need extra help applying for a bank loan.
- Pick something else if need less than $100,000.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
BoeFly is a paid business loan marketplace that connects business owners with banks that offer loans starting at $100,000. It doesn’t fund business loans itself, but it can help business owners optimize their application and potentially increase their chance of approval.
It has over 5,000 banks in its network which offers a range of different types of funding, from SBA loans to franchise financing. You’ll have to pay $699 to for access to its lenders and automated features — and $1,499 if you want assistance from a BoeFly loan specialist.
How much does it cost to use BoeFly?
Using BoeFly will cost a different amount depending on which plan you choose from: the self-service plan or the full-service plan.
Fee: $699 per loan
BoeFly advertises this plan for business owners who’ve been around the block and are comfortable applying for a loan themselves. BoeFly connects you with lenders, gives you feedback on your loan application, reviews your documents and provides basic customer support by phone.
Fee: $1,499 per loan
Business owners who are new to borrowing might want to take advantage of this plan. In addition to support offered under the self-service plan, you can access:
- The bQual Report. BoeFly compiles a report and score for you and your business that might boost your chances of prequalifying with one of its partner lenders. It includes your business credit score, your personal credit score and report and a detailed review of your ability to repay debt.
- Dedicated phone support. BoeFly assigns a loan specialist to your case who is dedicated to assisting you at any time during the application process.
- 1-on-1 loan phone assessment. Before you start putting together your package, you speak with your BoeFly loan specialist so they have a better idea of your business needs and financial status.
- Full-service loan packaging. BoeFly takes on the heavy lifting of putting together your loan application for you. All you do is upload the relevant support documentation.
- DIY business plan and projection software. Get a year of access to LivePlan, a software that helps you put together a business plan and track your business’s growth.
The loan itself will also come with interest and potentially fees, which vary depending on the bank you work with. But its partners only offer loans starting at $100,000 to use this service.
First, do I qualify?
You don’t need to meet eligibility requirements to sign up for its services. But it works exclusively with banks, which tend to be picky. Typically you’ll need to meet the requirements to qualify for a loan through one of BoeFly’s partners.
- Need at least $100,000 in financing
- Positive cash flow
- Personal credit above 660
- Over 18 years old
- US citizen or permanent resident
What information do I need to sign up?
The documents you’re required to submit to BoeFly generally depends on the plan you sign up for, your business type and the financing you’re looking for.
You might have to provide following documents when working on your application:
- Personal and business bank statements
- Last year’s tax returns
- Financial projections
- Profit and loss statements
- Business plan
What business loans are available through BoeFly?
BoeFly works with over 5,000 banks — so most types of business loans are available. This includes your standard business term loan, government-backed SBA loans and commercial real estate loans. Its partners also offer special programs for franchises, including funding to cover the startup costs of a new franchise.
Pros and cons
Signing up for BoeFly offers a lot of advantages, which is why it isn’t free. But the high price might not be worth it to some businesses.
- Over 5,000 partner banks
- Personalized help to strengthen your application
- Franchise financing available
- Fee of $699 to $1,499 just to use the service
- Few details about its partners available online
- No loans under $100,000
See top business loan options
Is BoeFly legit?
Yes, BoeFly is a legitimate connection service — though remember, it’s not a lender. While it doesn’t disclose a list of its partners, banks face tighter federal and state regulations than other types of providers like online lenders. As for BoeFly itself, it takes steps to protect your information like using SSL encryption. And it doesn’t sell your information to third parties.
However, BoeFly also makes money from some partners, which can skew the banks you get connected with. Banks that pay a monthly fee of $99 or $250 get access to new borrower requests before lenders on BoeFly’s free plan. This means that you aren’t getting an unbiased recommendation.
BoeFly reviews and complaints
|BBB customer reviews||3.67 out of 5 stars, based on 3 customer reviews|
|Customer reviews verified as of||15 October 2020|
BoeFly barely has any customer reviews, but the few reviews are mostly positive. These customers primarily say they’re satisfied with the quality of support and the simplicity of BoeFly’s application process — but the negative review says that they received no status updates after submitting an application for a PPP loan.
What will I need to sign up for BoeFly’s services?
Because it isn’t a direct lender, BoeFly doesn’t require you to meet any hard eligibility criteria. However, you’ll generally need to meet the following criteria to qualify for a loan with one of BoeFly’s partners:
- Strong personal and business credit ratings. Banks often require stronger credit than online lenders and credit unions. You’ll generally need good or excellent credit to qualify — usually 670 or higher.
- Need funds of $100,000 or more. BoeFly’s partner lenders generally work with businesses looking for at least $100,000 or $150,000 in financing.
- Positive cash flow. If your business isn’t yet making money, you might have trouble qualifying with BoeFly’s partner lenders.
- At least 18 years old. You must be the age of majority in your state — or the legal age to take out a loan — to qualify.
- US citizen or permanent resident. You generally need to have citizenship or a green card to qualify for most loans in the US.
BoeFly’s lenders can have additional eligibility requirements, depending on how long your business has been around.
How do I sign up?
- Go to BoeFly’s site and click Start now for free.
- Complete BoeFly’s Fundability App — like a preapplication — with basic information about you and your business before clicking Check your fundability. BoeFly lets you know if a partner lender can fit your needs.
- Select a plan by clicking Choose this plan under Self Service or Full Service.
- Fill out your billing information and select a payment method before hitting Preview order.
- Review your order and click Submit order.
Once your order is processed, BoeFly reaches out to guide you through next steps.
What happens after I sign up?
After you sign up, you can log into your account and get started on finding a lender by completing a loan request. BoeFly’s team will review it before sending it out to its partner lenders. Full-service members can also take advantage of the 1-on-1 assessment and loan packaging services.
If you have any questions about your application, reach out to the customer support line you received when you signed up.
How do repayments work?
That depends on the lender you’re connected with. Once you’re approved, BoeFly is out of the picture. Typically bank loans come with fixed monthly repayments. You can find the amount and when it’s due in your loan agreement.
If it’s an option, consider signing up for autopay. Keep track of your bank account and loan balance. If you notice anything off, reach out to your lender or loan servicer’s customer service team.
Check out our comprehensive guide to business loans to compare lenders and learn how business financing works.